EOS Nation’s EOS Hot Sauce is also available in video and audio formats shortly after the article is published.
This week Yves La Rose, CEO of EOS Nation, joined Corey and Jimmy D on the EOSIO Weekly podcast to talk about various EOS topics such as the PowerUp resource model, DeFi and flash loans, ProFi, and even IBC. Let’s take a closer look at each of these topics.
PowerUp Model
EOS Nation is currently actively testing the PowerUp model by building tools that allow users to tweak the parameters that will be in place for the deployment phase. Mainstream EOS users are not expected to be impacted by this coming change. Recourse providers, such as wallet developers and block explorers, are following the changes more closely as theywill be better able to fine tune their rental costs as the proposed rental period will go from 30 days (REX) to 1 day (PowerUp).
DeFi, flash loans and SX Vault
One of the advantages of building on EOS is the base layer permission set that enables users and applications to easily deploy multi-signature security to their account, which can be very complicated on other blockchains such as Bitcoin or Ethereum. On EOS, these easily implementable security features allow DeFi projects to significantly reduce the security risk.
One of the most popular DeFi projects on EOS, Newdex, recently made a huge shift as a DEX aggregator. The platform will now give access to a deeper pool of liquidity, allowing users to trade across multiple decentralized exchanges and liquidity pools available on EOS.
Flash loans on EOS are even more spectacular. Transactions on EOS follow the first-in first-out approach (FIFO) and block producers cannot reorganize or reorder the transaction flow, which is significantly different than on Ethereum where users need to to pay more gas fees for faster execution and where the miner can still choose which transaction to process, allowing for miners to arbitrage against users on the network (known as “Miner Extractable Value”).
Flash loans on EOS are a source of liquidity that can be accessed by arbitrageurs on the network. Combining the flash loans with a trading strategy could be compared to a sniper that is constantly looking for profitable on-chain opportunities. If such a profitable situation arises, the arbitrageur borrows funds from the flash loan and executes the transaction without having to waste any on-chain resources when a potential arbitrage transaction is not profitable.
ProFi
Regulated and programmable finance, also known as “ProFi,” will give EOS users even more financial freedom and options. It’s important to note that we don’t think that ProFi will replace DeFi. DeFi has a clear use-case for the segment of the crypto population that wants to retain custody of their assets without having to go through the KYC process. ProFi is a solution that will bridge the gap for the growing segment of the crypto population that does require a regulated approach for their investment needs and strategies. ProFi will leverage the EOS protocol to build a rail for institutional funds and the traditional world legacy systems.
No rush for parallel processing on EOS
While enabling multi-core processing or IBC would certainly bring some positive reactions from the community, the actual increase in technical performance is not currently needed. The EOS Mainnet already handles as many transactions as the network wants to throw at it and, for the last 3 years, Block.one and block producers have been optimizing for single-core performance. When the time comes, and single core performance is fully-optimized, EOS will be able to transition to further multi-core processing capabilities.
Wombat, a leading EOSIO blockchain gaming project and wallet, recently secured partnerships with top EOS DeFi networks. The company concluded agreements with Defis.Network, Defibox and Pizza Finance.
Wombat also integrates with the likes of Vigor, Organix, DolphinSwap, Newdex, and Equilibrium.
Spielworks, the company behind Wombat, has shown its commitment to bringing the best possible EOS experience to their users by implementing both gaming and financial offerings on their platform, such as integrating with eosfinex last month to facilitate access to EOS liquidity.
Adrian Krion, Founder and CEO of Spielworks said:
“The goal is to offer Wombat’s users a seamless and simple, yet powerful, experience in using tools for financial freedom and independence, like stablecoins, exchanges, and lending protocols on EOS. The user experience of DeFi products on EOS is unparalleled in the blockchain space and thus fulfils our requirements in terms of being suited for everyday users.”
The DeFi sector has been on a meteoric rise since its inception. Since May 2020, DeFi projects have seen an amazing 2500% increase in total value locked. These partnerships will allow for a smooth experience for Wombat users who wish to explore the various DeFi offerings on EOS. Easily moving from one dApp to another from within Wombat will showcase EOS’ fast and efficient user experience within the DeFi space.
Wombat users can create a free EOS account and immediately start experiencing the advantages of DeFi on EOS in areas such as algorithmic stablecoins, liquidity pools, aggregated swap pools, limit order & swap trading, saving systems, borrowing, lending, flash loans, and cross-chain transfers.
Wombat has further cultivated this development by introducing features such as the ability to buy bitcoin with EOS, allowing users to frictionlessly swap their EOS into pBTC, a bitcoin-backed token on the EOS network.
Alex Melikhov, CEO of Equilibrium added:
“We’re excited to share Wombat’s capabilities with our users. It will also be interesting to see how developing integrations like this will help further catalyze the development of the DeFi ecosystem on EOS.”
The new bountyblok GIFTNFT allows users of the WAX blockchain to easily send an NFT to someone by text message or email. What better way to introduce a friend to NFTs than by having one pop up in their inbox? To get started simply visit wax.giftnft.io, login to your WAX account using Anchor or the WAX Cloud Wallet, and follow the onscreen instructions. “Think Amazon gift cards, but for NFTs”
bountyblok continues to be a leader in building NFT infrastructure that is leveraged by many of our favorite NFT projects. For example, the dotGems VanCity Outbreak distribution was only made possible through the bountyblok airdrop tool. We’re proud to say that all 60,000+ NFTs that make up the full VanCity Outbreak collection were airdropped using the bountyblok airdrop tool!
Many people in the WAX community have not yet ventured beyond the free WAX Cloud Wallet (WCW) account they’ve received. And why would they? WCW accounts are extremely convenient and abstract away any notion of blockchain keys or security. All users need is a solid password. For those who want to take custody of their WAX assets, users can use their WCW account to create a “regular” WAX blockchain account, which allows them to control their own keys and truly own their NFTs. While regular WAX blockchain accounts must be 12 characters long, users can bid and win premium accounts, which can be shorter than 12 characters and allow for sub-accounts to be created.
For example the premium account called “gems” has created some sub-accounts, including “vancity.gems” and “evnglst.gems.”
Premium account owners can also sell their sub accounts on our WAX Name Service platform, which makes it easy for others to buy appealing names that end in “.jedi,” “.hero,” “.hodl,” “.meme”, “.fan” and many more!
Our recent WAX Name Service video is a great resource for those who want to learn more about these topics and our step-by-step guide explains the process for people who want to include their premium account on the platform.
Follow WAX Name Service on Twitter for all of our updates! Listed a premium account on WAX Name Service? Tag us on Twitter and let us know the name you snagged!
EOS Nation is a top Block Producer on the EOS public network. We earn inflation rewards based on the percentage of tokens staked towards us. Those rewards are reinvested into EOSIO community, tools, and infrastructure. Help grow the ecosystem by staking your vote to eosnationftw for BP or proxying to proxy4nation.
Remember, we never accept compensation in exchange for featuring projects in the EOS Hot Sauce. That means if a project is included in the EOS Hot Sauce it’s because we believe that project brings value to the EOSIO ecosystem and we want our community to know about it!
Are you building an interesting project on EOSIO? We want to hear from you! Reach out to us on social media or email info@eosnation.io.
Thank you for supporting EOS Nation and for reading this week’s edition of EOS Hot Sauce! Want more spicy updates? Check out some of our recent EOS Hot Sauce episodes!
In the spirit of the emerging SOLARPUNK movement, The Ocean Defenders are determined to build a platform for a synergistic lifestyle. Here we come together to use our individual powers to preserve the cradle of life, our oceans.
Everyone can become an Ocean Defender, each in their own individual way. We welcome you.
EOS Nation and .gems have been working on a bunch of WAX-related activities this month and we’re happy to give you a little overview.
The Vintage Valentine series was conceived to mimic turn of the century valentine’s day cards, reflecting an era when society pretended to hide the more salacious habits of so many people during that time. On top of the physical pieces, this collection also features digital copies, published as Vintage Valentine Card NFTs on the carbon-neutral WAX blockchain.
Disclaimer: The information provided above does not constitute investment advice, financial advice, trading advice, or any other type of advice whatsoever, and the information on our website should not be trusted as such. We present this information to you as general market commentary. The information does not constitute investment advice or any professional financial advice of any sort whatsoever. We do not advise or recommend that you buy, sell, or hold any cryptocurrency, digital token, ICO, or digital asset whatsoever. We advise users to conduct their own due diligence and consult with a qualified financial advisor before buying, selling, or holding any type of digital asset or cryptocurrency. We will not be held responsible for any investment decisions made based on the information provided on the website.
Chief Operating Officer (COO)
Responsibilities include: product management, operations, community
Location: Toronto, Canada
Prior to founding the first EOS community in Toronto and co-founding EOS Nation, Daniel spent a decade in the financial technology industry working several diverse roles. His extensive experience in customer service, sales, sales coaching, agent training, digital marketing, digital process management (lean green belt), and product management (certified scrum master, certified product owner) eventually lead him to consulting for a blockchain dev shop.
Daniel earned a Bachelor of Journalism from Ryerson University in 2009 and worked as a chase producer intern at Global TV.
Daniel lives by the principles of Truth, Love, and Freedom.